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QUESTION 1The 2012 U.S. MFN/normal trade relations tariff on menâs knitted wool blazers was 38.6¢ per kilogram of weight. This is an example of __________.a specific tariff.an ad valorem tariff.a quota.a non tariff barrier.10 points QUESTION 2An import quota specifies the __________ amount of a good that can be imported into a country; a step to becoming more protectionist would involve __________ in the quota.maximum; a reduction.maximum; an enlargement.minimum; a reduction.minimum; an enlargement.10 points QUESTION 3The United States now gives China permanent most-favored-nation (MFN) treatment [ornormal trade relations (NTR)]. This means that the tariff schedules applicable to U.S. imports from Chinahave lower tariff rates than the rates applicable to other countries to which the United States grants permanent MFN treatment.have the same tariff rates as the rates applicable to other countries to which the United States grants permanent MFN treatment.have lower tariff rates than the rates applicable to any other country sending goods to the United States.have tariff rates of zero percent.10 points QUESTION 4You are given the following information pertaining to large country B with respect to good W (which is produced at home and also imported), both under free trade and with a$10.00 import tariff in place: domestic price of W under free trade $40 world price of W (i.e., price of W from rest-of-the- world) under free trade $40 domestic price of W after imposition of tariff $44 world price of W (i.e., price of W from rest-of-the- world after imposition of tariff $34 domestic production of W under free trade 80 units domestic production of W after imposition of tariff 94 units domestic consumption of W under free trade 120 units domestic consumption of W after imposition of tariff 112 units Given this information, and assuming that demand and supply curves are straight lines, what is the loss of consumer surplus in country B that occurs because of the imposition of the tariff?$44$72$448$46410 points QUESTION 5Given the information on prices, production, and consumption in the previous question, and assuming that demand and supply curves are straight lines, what is the gain in producer surplus in country B that occurs because of the imposition of the tariff?$56.$140.$348.$376.10 points QUESTION 6Given the information on prices, production, and consumption in the previous two questions, and assuming that demand and supply curves are straight lines, the impact of the imposition of the tariff is that tariff revenue of the government increases by __________. Further, the ânet welfare effectâ of the imposition of the tariff is a __________.$72; loss of $44.$72; gain of $64.$180; loss of $44.$180; gain of $64.10 points QUESTION 7Which of the following presidential candidates supports the passage of the Trans Pacific Partnership?Hillary Clinton.Jill Stein.Donald Trump.None of the above.10 points QUESTION 8Which of the following is an example of national treatment?Treatment of all countries equally in imposing a tariff.A country should treat imports no differently than goods produced locally in terms of domestic taxation.Subsidies for national firms that export.None of the above.10 points QUESTION 9Which of the following elements is not included in the Trans Pacific Partnership?A customs union.Elimination or reduction of tariffs on trade between members.Agreements on rules governing foreign direct investment between members.Agreements on standards for labor and environment regulation.10 points QUESTION 10Imagine a small country with free-trade in an imported product (at a price of $10) and the situation with a tariff on the product (at a price of $11). The domestic supply before the tariff is 30, but is 34 after the tariff. The consumption before the tariff is 48, but is 40 after the tariff. Based on these data, the net welfare loss (or total deadweight loss) to the country from the imposition of the tariff is __________. $2.$6.$32.$44.
QUESTION 1The 2012 U.S. MFN/normal trade relations tariff on menâs knitted wool blazers was 38.6¢ per kilogram of weight. This is an example of __________.a specific tariff.an ad valorem tariff.a quota.a non tariff barrier.10 points QUESTION 2An import quota specifies the __________ amount of a good that can be imported into a country; a step to becoming more protectionist would involve __________ in the quota.maximum; a reduction.maximum; an enlargement.minimum; a reduction.minimum; an enlargement.10 points QUESTION 3The United States now gives China permanent most-favored-nation (MFN) treatment [ornormal trade relations (NTR)]. This means that the tariff schedules applicable to U.S. imports from Chinahave lower tariff rates than the rates applicable to other countries to which the United States grants permanent MFN treatment.have the same tariff rates as the rates applicable to other countries to which the United States grants permanent MFN treatment.have lower tariff rates than the rates applicable to any other country sending goods to the United States.have tariff rates of zero percent.10 points QUESTION 4You are given the following information pertaining to large country B with respect to good W (which is produced at home and also imported), both under free trade and with a$10.00 import tariff in place: domestic price of W under free trade $40 world price of W (i.e., price of W from rest-of-the- world) under free trade $40 domestic price of W after imposition of tariff $44 world price of W (i.e., price of W from rest-of-the- world after imposition of tariff $34 domestic production of W under free trade 80 units domestic production of W after imposition of tariff 94 units domestic consumption of W under free trade 120 units domestic consumption of W after imposition of tariff 112 units Given this information, and assuming that demand and supply curves are straight lines, what is the loss of consumer surplus in country B that occurs because of the imposition of the tariff?$44$72$448$46410 points QUESTION 5Given the information on prices, production, and consumption in the previous question, and assuming that demand and supply curves are straight lines, what is the gain in producer surplus in country B that occurs because of the imposition of the tariff?$56.$140.$348.$376.10 points QUESTION 6Given the information on prices, production, and consumption in the previous two questions, and assuming that demand and supply curves are straight lines, the impact of the imposition of the tariff is that tariff revenue of the government increases by __________. Further, the ânet welfare effectâ of the imposition of the tariff is a __________.$72; loss of $44.$72; gain of $64.$180; loss of $44.$180; gain of $64.10 points QUESTION 7Which of the following presidential candidates supports the passage of the Trans Pacific Partnership?Hillary Clinton.Jill Stein.Donald Trump.None of the above.10 points QUESTION 8Which of the following is an example of national treatment?Treatment of all countries equally in imposing a tariff.A country should treat imports no differently than goods produced locally in terms of domestic taxation.Subsidies for national firms that export.None of the above.10 points QUESTION 9Which of the following elements is not included in the Trans Pacific Partnership?A customs union.Elimination or reduction of tariffs on trade between members.Agreements on rules governing foreign direct investment between members.Agreements on standards for labor and environment regulation.10 points QUESTION 10Imagine a small country with free-trade in an imported product (at a price of $10) and the situation with a tariff on the product (at a price of $11). The domestic supply before the tariff is 30, but is 34 after the tariff. The consumption before the tariff is 48, but is 40 after the tariff. Based on these data, the net welfare loss (or total deadweight loss) to the country from the imposition of the tariff is __________. $2.$6.$32.$44.
